General Electric may have the highest revenue among Massachusetts-based companies, but the power and health-care conglomerate saw its profits dive lower than any other Bay State-based organization ranked on this year’s Fortune 500 list.
In 2017, GE’s revenue earned it the 13th-place spot on the annual roundup, which ranks the nation’s companies based on revenue. But it’s no secret that GE is going through tumultuous times, and after layoffs, planned cost cuts, and general upheaval, it fell to 18th place this year. And though the 3.5 percent revenue drop is certainly concerning, the decline pales in comparison to GE’s change in profit, which plummeted 165.5 percent.
Despite stumbling, GE still generated vastly more revenue than any other company with Massachusetts headquarters, according to Fortune. Last fiscal year, its revenue was nearly three-times greater than Liberty Mutual Insurance Group, the Back Bay-based organization ranked 68th overall and second in the Bay State.
All told, a dozen Massachusetts companies earned their way onto the storied list, including Raytheon, Staples, and Eversource Energy. Wayfair, Vertex Pharmaceuticals, and 18 other organizations that call the Bay State home are among the companies with the top-1,000 highest revenues nationwide.
The four companies with the highest revenues overall remain unchanged from last year, with Walmart yet again claiming the top spot on the list. Meanwhile, Exxon Mobil leapfrogged from fourth place to second in this year’s rankings; Berkshire Hathaway fell from second to third; and Apple dropped from third to fourth.